January saw Canada post its first trade surplus since May 2019 as exports surged higher to start the year.
Statistics Canada said Friday that the surplus of $1.4 billion was the largest since July 2014 and compared with a revised deficit of nearly $2 billion in December.
Economists on average had expected a deficit of $1.4 billion for January, according to financial data firm Refinitiv.
The trade report follows a flash estimate by Statistics Canada earlier this week that real gross domestic product rose 0.5 per cent in January following growth of 0.1 per cent in December.
TD Bank economist Omar Abdelrahman said the strong international trade report joins a list of other indicators in suggesting a better-than-expected start to 2021 for the Canadian economy.
“It is important to highlight that part of January’s export strength is transitory, including sizable contributions from the volatile aircraft component and unusually high transactions of retail gold bars,” Abdelrahman wrote in a report.
“Still, excluding these components would leave exports (nominal) up more than four per cent on the month. In particular, Canadian exports have recently been aided by strong momentum in global demand and prices for some commodities.”
Total exports rose 8.1 per cent in January to $51.2 billion, with increases in all product sections, while in real or volume terms exports increased 5.1 per cent.
Exports of aircraft and other transportation equipment and parts rose 72.3 per cent in January as Statistics Canada said a Canadian airline, which it did not identify, retired a large number of aircraft, resulting in their export to the United States.
Meanwhile exports of consumer goods increased 11.6 per cent in January, helped by higher exports of gold bars to the United States, and exports of energy products rose 5.9 per cent, helped by both higher prices and higher volumes of crude oil exports for the month.
On the other side of the equation, imports increased 0.9 per cent in January to $49.8 billion, while in real or volume terms they gained 1.0 per cent.
Imports of energy products rose 20 per cent, while imports of electronic and electrical equipment and parts increased 2.9 per cent.
The overall trade surplus for the month came as Canada’s trade surplus with the United States more than doubled to $6.2 billion in January, the largest surplus since September 2008. Exports to the United States rose 11.3 per cent, while imports from the United States edged up 0.4 per cent to $31.0 billion.
Meanwhile, Canada’s trade deficit with countries other than the United States increased to $4.8 billion in January compared with $4.5 billion in December.
TORONTO – Cineplex Inc. reported a loss in its latest quarter compared with a profit a year ago as it was hit by a fine for deceptive marketing practices imposed by the Competition Tribunal.
The movie theatre company says it lost $24.7 million or 39 cents per diluted share for the quarter ended Sept. 30 compared with a profit of $29.7 million or 40 cents per diluted share a year earlier.
The results in the most recent quarter included a $39.2-million provision related to the Competition Tribunal decision, which Cineplex is appealing.
The Competition Bureau accused the company of misleading theatregoers by not immediately presenting them with the full price of a movie ticket when they purchased seats online, a view the company has rejected.
Revenue for the quarter totalled $395.6 million, down from $414.5 million in the same quarter last year, while theatre attendance totalled 13.3 million for the quarter compared with nearly 15.7 million a year earlier.
Box office revenue per patron in the quarter climbed to $13.19 compared with $12 in the same quarter last year, while concession revenue per patron amounted to $9.85, up from $8.44 a year ago.
This report by The Canadian Press was first published Nov. 6, 2024.
TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.
The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.
Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.
Consolidated comparable sales were up 0.3 per cent.
On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.
The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.
The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.
Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.
Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.
On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.
The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
